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Company limited by guarantee FINANCIAL STATEMENTS
FINEGRANT LIMITED
FOR YEAR ENDED 31 MARCH 2021
Contents
| Page | |
|---|---|
| Charity Information | 2 |
| Report of the Directors/Trustees | 3 - 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes forming part of the financial statements | 9 - 10 |
| Detailed profit and loss account and Statement | |
| of financial activities | 11 |
FINEGRANT LIMITED Company limited by guarantee FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
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Charity Information
Board of Trustees
A Frankel - Director/Trustee M Frankel - Director/Trustee J Stern - Director/Trustee
Registered Office
42 Darenth Road London N16 6EJ
Charity Number
1134930
Company Registration Number
07116575 (England and Wales)
Accountants
Rothfeld & Co Medcar House 149A Stamford Hill London, N16 5LL
Bankers
Barclays Bank PLC 3-5 Kingsland High Street London E8 2JT
FINEGRANT LIMITED Company limited by guarantee FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
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Report of the Directors/Trustees
The Directors/Trustees have pleasure in presenting their Report and Financial Statements of the Company/Charity for the year ended 31 March 2021
The Directors/Trustees have adopted the provisions of the Charities SORP (FRS 102) 2019 in preparing the annual report and financial statements of the Charity.
The Trustees in office throughout the year were Mr. A Frankel, Mrs M Frankel and Mr J Stern. All trustees give of their time freely and no trustee remuneration was paid in the year.
Reference and Administration
Reference and Administration details are shown in the schedule of members of the board and professional advisers on page 2 of the financial statements.
Structure, governance and management
Finegrant Limited is a company limited by guarantee incorporated on 5 January 2010 and is governed by its memorandum and articles of association.
The Directors/Trustees are responsible for the governance of the organisation and are active in all operational aspects of strategic management. Major policy decisions are decided at full directors'/ Trustees' meetings.
Principal Activity
The principal activity of the Company during the year was that of giving grants to charitable institutions.
Charitable Objects are:
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a. The advancement of the Orthodox Jewish Faith
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b. Tha advancement of Orthodox Jewish religious education.
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c. The relief of poverty, the aged, sickness and infirmity.
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d. For other such purposes as are for the benefit of the public and are charitable according to English law.
FINEGRANT LIMITED Company limited by guarantee FINANCIAL STATEMENTS
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FOR YEAR ENDED 31 MARCH 2021
Report of the Directors/Trustees (continued)
Achievements
The Charity received gifts and donations in the year for its operations - £117,929 ( 2020 - £161,970 ) During the year, the Company gave £178,680 (2020- £109,730) in grants. The Company receives applications for grants, which are considered by the board.
The Charitable donations made went to further the goals and objectives of the Charity. Donations went to organisations and institutions involved in orthodox Jewish religious education, social welfare etc
Grants are only made upon a unanimous decision by the board.
The results and financial position are shown in the accounts. The Company's income is sufficient to fund its obligations.
Reserves of £206,185 (2020 - £267,942) represent net current assets.
The Trustees have identified the major risks the charitable company is exposed to and systems have been established to mitigate these risks.
Public benefit
In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on fee-charging.
This report has been prepared taking advantage of the special exemptions applicable to small Companies under Part 15 of the Companies Act 2006.
.... Continued
FINEGRANT LIMITED Company limited by guarantee FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
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Report of the Directors/Trustees (continued)
The recipients of our services continuously express their appreciation and admiration to all members of the public that assist us in delivering vital services.
Investment policy and returns
Under the memorandum and articles of association, the charity has the power to make any investment which the trustees see fit.
Reserves Policy
The trustees retain reserves as necessary and where appropriate, consolidate funds in order to enable the charity to meet future needs or to make more substantial grants which they feel to be appropriate.
Responsibilities of the Directors/Trustees
Company Law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the Balance sheet date, and of its incoming resources, including income and expenditure for the financial year.
In preparing those financial statements, the Directors/Trustees should follow best practice and
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a. Select suitable accounting policies and apply them consistently.
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b. Make judgments and estimates that are reasonable and prudent.
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c. Follow applicable accounting standards and the Charities SORP, disclosing and explaining any departures in the financial statements.
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d. Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in operation.
The Directors/Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them as Directors/Trustees to ensure that the financial statements comply with the Company Law.
The Directors/Trustees are also responsible for safeguarding the charity's assets and hence for taking reasonable steps for the prevention and detection of fraud and other regularities.
Approved by The Directors/Trustees on 12 November 2021
Trustee
FINEGRANT LIMITED Company limited by guarantee FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
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Independent Examiner's Report to the Trustees / Directors
We report on the financial statements of Finegrant Limited for the year ended 31 March 2021.
Respective Responsibilities of Trustees and Examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
to state whether particular matters have come to my attention
Basis of Independent Examiner's Report
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
In connection with my examination, no matter has come to my attention;
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which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
.........................................................
Rothfeld & Co Medcar House 149A Stamford Hill London N16 5LL
Date 12/11/2021
FINEGRANT LIMITED Company limited by guarantee FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
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Statement of Financial Activities
Income and expenditure account For the Year ended 31 March 2021
| INCOMING RESOURCES Income OUTGOING RESOURCES Charitable expenditure Grants made Administration Net surplus/(deficit) funds for year Funds brought forward Funds carried forward |
Notes 3 4 5 |
Unrestricted Unrestricted 2021 2020 £ £ 117,929 162,674 117,929 162,674 (178,680) (109,730) (1,006) (1,014) (179,686) (110,744) (61,757) 51,930 267,942 216,012 206,185 267,942 |
|---|---|---|
There were no other recognised gains or losses
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FINEGRANT LIMITED Company limited by guarantee FINANCIAL STATEMENTS
FOR YEAR ENDED 31 MARCH 2021
Balance Sheet
At 31 March 2021
| heet Ab 1 Current Assets Cash at Bank Debtors Creditors Amounts due within one year Net Assets Accumulated Funds Restricted Unrestricted |
Notes 7 |
2021 £ 217,985 - |
Unrestricted 2021 £ 217,985 (11,800) 206,185 - 206,185 206,185 |
2020 £ 268,842 - |
Unrestricted 2020 £ 268,842 |
Unrestricted 2020 £ 268,842 |
|
|---|---|---|---|---|---|---|---|
| (900) | |||||||
| 267,942 | |||||||
| - 267,942 |
|||||||
| 267,942 |
In approving these financial statements as directors of the company we hereby confirm:
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a. that for the year stated above the company was entitled to the exemption conferred by Section 477 of the Companies Act 2006 ;
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b. that no notice has been deposited at the registered office of the company pursuant to Section 476 requesting that an audit be conducted for the year ended 31 March 2021; and
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c. that we acknowledge our responsibilities for:
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ensuring that the company keeps accounting records which comply with Section 386 ; and
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preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the year then ended in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the provisions of the Companies Act relating to financial statements, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the board on 12 November 2021 and signed on behalf of their behalf by:
A Frankel - Director/Trustee
The notes on pages 9 and 10 form part of the balance sheet
FINEGRANT LIMITED Company limited by guarantee FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
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Notes To The Accounts
1) Principal Accounting Policies
Basis of Accounting
The Accounts have been prepared under the historical cost convention in accordance with the statement of Recommended Practice: Accounting and reporting by Charities preparing their accounts in accordance with FRS 102 (2019) and the Financial reporting standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Incoming resources
Incoming resources are accounted for upon receipt, except where it is proper to accrue.
2) Taxation
The Charitable Company is exempt from taxation on its charitable activities.
The Company is registed with HM Revenue & Customs as a Charitable Company.
3) Income
The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK.
| 2021 Income £ Grants and donations received 117,717 UK loan Interest 212 Gift aid received - 117,929 4) Grants 2021 List of recipients who received £10,000 or more: To Institutions: £ Shir Chesed Beis Yisroel - Keren Chochmos Shlomo Trust (11,000) Shakel Esuh (10,000) Beis Yisroel Shir Chesed - Chareidim Beis Shaymesh (10,000) A.B.C Trust (10,000) Zlotchiv (10,500) C.Y.D (17,000) TMC - Markaz Hatorah Belz (10,000) Others - below £10,000 (100,180) (178,680) |
2020 |
|---|---|
| £ 161,970 704 - |
|
| 162,674 | |
| 2020 | |
| £ (10,000) (10,000) - (10,000) - - - - (10,000) - (69,730) |
|
| (109,730) |
FINEGRANT LIMITED Company limited by guarantee FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
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Notes To The Accounts (continued)
| 5) Administration Accountancy fees Independent examination 6) Creditors Sundry accruals Loans Received Sundry expenses |
2021 £ (450) (450) (102) (1,002) £ (1,800) (10,000) (11,800) |
2020 £ (450) (450) (102) |
|---|---|---|
| (1,002) | ||
| £ (900) - |
||
| (900) |
7) Related Party Transactions
The Company is controlled by Mr & Mrs Frankel
FINEGRANT LIMITED Company limited by guarantee FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
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Detailed trading & profit and loss account and expenses schedule for the year ended 31 March 2021
| Incoming resources Gifts and donations receivable Bank interest income Other interest receivable Outgoing resources Grants/donations paid out Administrative expenses Independent examination Accountancy Sundry Excess/(deficit) funds for year |
Unrestricted Unrestricted funds funds £ £ £ £ 117,717 161,970 212 704 - - 117,929 162,674 (178,680) (109,730) (60,751) 52,944 (450) (450) (450) (450) (106) (114) (1,006) (1,014) (61,757) 51,930 2021 2020 |
|---|---|
FINEC.RANT LIMITED Company limiled by guaraniee FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021 Page 12